While at a slower pace than the first half, retail expansion continued during the second half of 2022. The strength of Lansing's retail market was shown with several new users entering the market. Despite challenges, new retail developments and occupier activity have continued throughout the area.
Companies in the area have downsized their footprints, resulting in all-time-high vacancy levels. Office space remains critical for businesses, but just as employees are rethinking how they work and live their lives in the post-pandemic world, companies are trying to reevaluate and right-size their office needs.
Ongoing demand for industrial properties continued to exceed an already low supply of inventory. Activity remained strong in both sales and leasing, with rental abatements and concessions becoming less necessary for sellers and landlords recognizing their market dominance.
Read our entire H2 Market Report to learn more about the retail, office and industrial sectors in the Lansing area.
